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UNOS Treasurer’s Report: Financial Overview & Future Projections

Detailed breakdown of UNOS financial performance for FY 2011, audit findings, resolutions, and projections for FY 2012 and 2013 budgets, along with proposed fee changes and approved budgets.

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UNOS Treasurer’s Report: Financial Overview & Future Projections

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  1. Treasurer’s Report UNOS Board of Directors Meeting June 25-26, 2012

  2. UNOS Items to be Presented • Fiscal year (FY) 2011 financial results • Consolidated audit report for FY 2011 • Proposed budget for FY 2013

  3. FY 2011 Financial Results • FY 2011 is from Oct. 2010 - Sept. 2011 • Revenue = $43,390,904 • Approx. $2,271,000 less than budget • Expenses = $42,752,037 • Approx. $1,199,000 less than budget • Capital expenditures = $4,908,864 • Approx. $2,862,000 greater than budget due to purchase/opening of Jackson Center property.

  4. FY 2011 Financial Results • Change in net assets = ($356,919) -.84% of unrestricted revenue Loss due to timing of Chrysalis Revenues and expenses. $600,000 of unused revenue in FY 2010, expenses in FY 2011. • Complied with bond covenants, requiring debt service ratio of at least 1.0 – 1.5 and $2M in unrestricted cash.

  5. FY 2011 Audit • Consolidated Audit: UNOS , UNOS Foundation and OPTN A-133 Audit. • Conducted by Cherry Bekaert & Holland, a regional audit firm. First year of a three year term with CBH. • Results reviewed and discussed during April 2012 Committee conference call • Audit report is included on the OPTN Board CD

  6. FY 2011 Audit • Unqualified or “clean” opinion issued on UNOS financial statements and OPTN operations • No material weaknesses in internal controls or non-compliance with federal or contract requirements • A significant deficiency was identified. Item addressed by UNOS Management. • UNOS is considered a low-risk auditee.

  7. FY 2011 Audit • Board of Directors action required: • RESOLVED, that the 2011 UNOS consolidated audited financial statements for the period ended September 30, 2011 as audited by Cherry Bekaert & Holland are hereby approved.

  8. FY 2011 Financial Results • Due to bankruptcy of HISF and the closure of the hospital, OPTN and UNOS fees are deemed to be uncollectable. • An allowance for $10,658 in UNOS fees from HISF was incorporated in the UNOS financial statements. No financial impact to FY 2012.

  9. FY 2011 Financial Results • Board of Directors action required: • RESOLVED, that UNOS writes off unpaid computer registration fees of $10,658 from HISF.

  10. FY 2012 Projections • Revenue – expenses approx ($80,000) • Budget ‘profit’ is $370,000, small margin. • Revenues down over $400,000 • UNOS registration fees – at least $150,000 below budget. • Rental Income – at least $100,000 below budget due to delay in leasing a floor of Jackson Center. • Registry Income – at least $150,000 below budget due to delay in securing new contracts.

  11. FY 2013 Budget • FY 2013 is from Oct. 2012 to Sept. 2013. • Due to uncertainty about OPTN bid process, no major changes are incorporated in FY 2013 budget. • Once the OPTN bid process is complete, a final UNOS budget will be developed. • Next budget could be for 6 months, 12 months 18 months, ?.

  12. FY 2013 Budget • UNOS budget, like the OPTN, expects registrations for FY 2013 to be 1,800 less than planned for the FY 2012 Budget • Due to lower registrations, an increase in the registration fee is proposed. • The FY 2013 Budget (like the FY 2012 Budget) will have a small margin compared to budget size.

  13. FY 2013 Budget • Revenue = $46,881,338 • $305,000 more than the FY 2012 Budget • Expenses = $46,599,193 • $393,000 more than the FY 2012 Budget • Capital expenditures = $2,000,000 • Revenues less Expenses = $282,145 • .6% of revenues • Finance Committee Goal 3%-5%

  14. FY 2013 Budget • OPTN and UNOS fees: • OPTN fee = $651 • $48 (8%) increase from $603 to $651 • UNOS fee = $95 • $3 (3%) increase from $92 to $95 • Chrysalis fee = $30 • Remains unchanged. Will be used for ongoing improvements to IT systems such as Donor Net. • Total (OPTN + UNOS) fee = $776 • $51 (7%) increase from $725

  15. FY 2013 Budget • Board of Directors action required: • RESOLVED, that the 2013 UNOS Operating and Capital Budgets are hereby approved, as recommended by the Finance Committee, and • FURTHER RESOLVED, that the Board of Directors hereby approves the increase in the UNOS Computer Registration Fee from $122 to $125 effective October 1, 2012, and that UNOS Policy 11.0 shall be amended (shown in report).

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